MARA Upgraded to Overweight with 30% Upside Potential
Investment bank JPMorgan has upgraded MARA Holdings to ‘Overweight’, citing improved profitability driven by higher Bitcoin prices and a recalibrated network hashrate. The bank raised its price target for MARA to $22, up from $19, indicating a potential 30% upside from the recent close near $17.
MARA’s focus as a pure-play Bitcoin miner makes it a top pick in the current market environment.
IREN and Riot Platforms Downgraded to Neutral
While MARA saw a positive rating change, IREN and Riot Platforms were both downgraded to ‘Neutral’ from ‘Overweight’. However, their price targets were increased, with IREN moving to $16 from $12 and Riot rising slightly to $15 from $14.
Despite neutral ratings, JPMorgan acknowledges improved profitability across the sector.
CleanSpark Remains JPMorgan’s Top Pick
CleanSpark (CLSK) maintained its Overweight rating, with the price target increased to $15, suggesting a 30% gain from its Friday close below $12. The bank emphasized CleanSpark’s operational efficiency and strong positioning in a favorable Bitcoin environment.
Shift Toward Pure-Play Miners
JPMorgan analysts stated that pure-play mining companies now offer the best relative value, especially as Bitcoin prices remain strong and network competition intensifies. The report highlighted a strategic preference for companies that focus solely on Bitcoin mining, as opposed to those diversifying into high-performance computing (HPC).
“We favor pure-play operators, as they are best positioned to benefit from rising Bitcoin prices,” analysts noted.
Cipher Mining Receives Target, Remains Unrated
While Cipher Mining (CIFR) remains unrated, JPMorgan assigned it a price objective of $6, further reinforcing optimism across the mining space.
Conclusion
With Bitcoin’s strength boosting mining margins, JPMorgan’s revised outlook reflects growing confidence in the long-term sustainability of select mining stocks. Investors appear to be gravitating toward focused mining firms like MARA and CleanSpark, which could outperform peers as the crypto market stabilizes above key price levels.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.